Market Recap February 2013

According to the Toronto Real Estate Board (TREB), there were 5,759 sales through the Multiple Listing Service (MLS) in February. This is a 15 per cent decrease from February 2012.

February saw an average selling price of $510,580 - which is up by 2.0 per cent from the average selling price of $500,249 reported in February 2012.

“The share of sales and dollar volume accounted for by luxury detached homes in the City of Toronto was lower this February compared to last. This contributed to a more modest pace of overall average price growth for the GTA as a whole,” said Toronto Real Estate Board (TREB) President Ann Hannah. “Stricter mortgage lending guidelines that precluded government backed mortgages on homes sold for over one million dollars and the City of Toronto’s additional upfront land transfer tax arguably played a role in the slower pace of luxury detached home sales,” added Ms. Hannah.

The median price in February 2013 was $428,000.
The median price in February 2012 was $416,150.

“We will undoubtedly experience some volatility in price growth for some market segments in 2013. However, months of inventory in the low-rise market segment will remain low,resulting in average price growth above three per cent for the TREB market area this year.Our current average price forecast is $515,000 for all home types combined in 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.